5 Exotic Places to Buy Inexpensive Real Estate Right Now

Imagine strolling down cobbled streets with centuries-old architecture and views of the sea in the distance. And you're not on vacation or in a dream - this is your home. (And it didn't cost you much.) If you've ever dreamed of buying an affordable home in another country and moving there to live the expat life, 2023 is a great time to buy property on the cheap around the world, according to Ronan McMahon, an international real estate expert.

"There are fewer and fewer quality properties in high-demand locations, but demand is growing," McMahon said in an interview. "We can still buy at a big discount compared to other popular destinations and real estate in the U.S., but that window will close soon. "

With more than two decades of experience and more than $2 billion in real estate transactions under his belt, McMahon knows the pulse of the global real estate market like no one else. He is the editor of Real Estate Trend Alert, which tracks the world's best places to invest in real estate, a trusted co-author of International Living and the author of three books on international real estate.

At International Living's recent conference, McMahon unveiled his new special report, "The World's Best Places to BuyReal Estate in 2023," in which he shares his top global real estate picks for 2023.

The island of Sveti Stefan in Montenegro, which is now one of the cheapest places to buyreal estate.

When it comes to buying real estate abroad, there is no magic formula, McMahon said. "There is no magic trick to finding lucrative opportunities in real estate. It requires countless hours of research, lots of travel to explore new places, strategic thinking and a deep knowledge of different real estate markets," says McMahon. "Each country has its own unique market conditions, so it is crucial to do a thorough analysis before investing. "

So what's so great about buying real estate abroad and living abroad? "For me, it's the perfect path to freedom, both financially and personally," says McMahon. "Freedom to go where you want, when you want. Freedom from worry and stress to not have to worry about what's going on in the stock market or the 24-hour news cycle. "

Here, McMahon shares her picks for the five best places to buy cheap real estate around the world right now. "Whether you're a beginner or an investor with real estate experience, finding the right place to buy is the first step in what can be a life-changing journey," says McMahon.

Location:

"On the east coast of the Adriatic Sea, Europe's Dalmatian Coast is an amazing coastline dotted with islands that stretches from the Croatian city of Zadar to Kotor Bay in Montenegro," says McMahon. "It is one of Europe's most spectacular landscapes, including charming cities such as Split, Sibenik and Dubrovnik. "

In the early 2000s, real estate buyers were grabbing opportunities in historic Dubrovnik and Split. "Today, the opportunities in Croatia have been exhausted. Real estate prices have leveled off with other mediterranean destinations," McMahon says. "On the southern Dalmatian coast, however, the situation is different. Montenegro is as beautiful as Croatia, but because it has not yet joined the European Union, it is not thriving like Croatia, and real estate prices are still relatively low here. "

Cost:

In Croatia in the late 1990s and early 2000s, the equivalent of €100,000 made it possible to buy an apartment with a water view. "Today, you need to count on much larger amounts of money. However, in Montenegro you can still buy a house overlooking the most beautiful bay for €100,000," says McMahon.

McMahon thinks Montenegro is a great place to invest. "Land values around Kotor Bay are still extremely low by international standards," he says. "You can spend as little as €80 to €100 per square meter (or about $8 to $10 per square foot) on developable plots of land with beautiful views, 15 minutes from the town of Kotor. Then you just wait for development to take place and prices to rise. "

A tip from an expert: There are rumors that Montenegro will join the European Union by 2025, making it an interesting investment destination. "If Montenegro joins the EU, you can expect strong price increases," says McMahon. "I believe you have a chance to triple your money or even more in five to ten years.

Location:

Located between Lisbon and Porto, Portugal's Silver Coast stretches about 150 miles from Santa Cruz to Espinho. It's dotted with small towns and beautiful beaches - and now it's a great place to invest. "Portugal's Silver Coast is a fantastic buy to live in. There are not as many tourists here as in Lisbon or the Algarve," says McMahon. "There are clean beaches, lots of stunning historic towns and fishing villages to explore, great seaside food, golf, entertainment. And the people here are friendly and laid-back. "

The Silver Coast is home to the world's only marine reserve and is a mecca for surfers and golfers from around the world. "The beaches here are outlandish, open and sandy, perfect for long walks. "

Cost:

The value here is hard to beat, with "prices much lower than in Lisbon or popular Algarve locations," says McMahon, who bought an ocean-view condo at the beachfront resort and golf course in October 2020. "Total monthly payments (including mortgage, taxes, management fees and golf club membership fees for two beautiful courses) came to just under €1,110 (about $1,175). "

According to McMahon, with a budget of €100,000 to €150,000 (about $105,666-$158,499) you can buy a traditional home in the region. And for €200,000 (about $211,333), you can find a beachfront place with an ocean view.

Another plus: "You don't have to pay cash," McMahon says. "Banks in Portugal are as willing to grant mortgages to foreignreal estate buyers as they are in Spain. "

Tip from an expert:

If you're looking for overseas real estate as a pure investment, McMahon says you'll be much better off in the Algarve. "However, if you're looking for a cheap place to live, the Silver Coast should rank high on your list. And you can get rental income," McMahon says. "The Silver Coast attracts many vacationers from Northern Europe during peak season and has a good off-season rental rate due to its reputation among golfers. "

Location:

The southern zone of Costa Rica stretches three hours south of the capital San Jose and includes towns like Jaco, Manuel Antonio, Dominical, Uvita and Ojochal. "The southern zone offers what most tourists and second-home buyers want in Costa Rica," McMahon says. "There are pristine beaches, sharp forested mountains, national parks and wildlife right under your nose, and opportunities for all kinds of outdoor activities (sea kayaking, hiking, horseback riding, wildlife watching). "

For decades, this area has been bypassed in favor of other Costa Rican destinations that were more easily accessible. "The new freeways opened it up to the general public," McMahon says. "But there's still a low level of tourism and boutiqueism here. There's international cuisine and an active expat scene. You won't find huge shopping centers, international eateries or urban developers here. "

Cost:

"Experienced buyers are buying homes here to spend the cold winter months in North America," McMahon says. "And some are buying to invest and generate additional income. "

McMahon said a mountain view lot in the South Zone starts at $40,000. With a budget of $150,000 to $200,000 you can buy a two or three bedroom home with a pool. In the $250,000 to $300,000 range, there are a choice of homes, from modern eco-designs to two-story homes with pools.

Tip from an expert:

"The government plans to preserve this beautiful